The nest egg stories
Cases of investment and securities fraud come in many sizes. It is hard not to feel for middle aged and older individuals who have seen their life savings and pension investments shrivel or disappear while under the supposedly watchful eye of some third party. Other securities tort cases have a huge reach. One fairly recent development is the rise in international securities fraud litigation–litigation that reflects the global explosion of financial markets and multinational corporations, and an increasing willingness on the part of investors to sue them.
Suing foreign corporations for securities fraud
In a recent story in USA Today, writer Edward Iwata points out that as of early October, 16 securities lawsuits have been filed in U.S. federal courts against foreign businesses this year. Last year only three such cases were filed. Among those being sued are L.G. Philips in South Korea, Xinhua Finance Media, a subsidiary of Xinhua Finance Ltd. of China, GlaxoSmithKline in the United Kingdom, and Alvarion in Israel.
Shareholders have agreed to substantial settlements with foreign firms, including a $2.2 billion settlement last year with Nortel Networks of Canada, a $1.1 billion settlement in 2005 with Royal Ahold in the Netherlands, and a $300 million settlement with DaimlerChrysler in 2003.
Plaintiffs’ law firms are now actively seeking to bring cases on behalf of foreign institutional investors with holdings in U.S. companies.
Foreign investors with claims
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